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Mortgage Works will cut selected two- and five-year fixed-rate loans to 30 basis points from tomorrow (February 23).
The BTL division of the National Building Society reports that discounts for limited companies under these conditions up to 30 basis points include:
- Five-year fixed rate offer for purchase only at 4.99% with a 3% fee available up to 75% of the loan value, down 30 basis points.
- And a 2-year fixed-rate purchase-only loan at 4.79%, with a 3% fee, available up to 75% LTV, reduced by 10bp.
To houses with multi-occupancy on these conditions up to 25 b. items include:
- 2-year deal at 4.59% fixed rate and 3% commission, available up to 75% LTV, reduced by 15bp.
- And a five-year loan at a fixed rate of 4.94% with a 3% fee, available up to 75% LTV, 25 basis points lower.
Large portfolio houses in multipurpose five-year fixed rate deals will be reduced by 20 basis points to 4.99% with a 3% commission to 75% LTV.
The lender says its BTL products come with a free estimate as well as free legal remortgage options.
Mortgage Works Head of Specialty Loans Daniel Clinton says, “These latest changes ensure that Mortgage Works remains a competitive option for homeowners, especially in the multifamily and limited liability home market.
“This time around, the biggest rate cuts will be on mortgages for our limited companies as we look to support an important and growing part of the BTL sector with very competitive rates.”
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